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  1. #1
    BadlandsVikings's Avatar
    BadlandsVikings is offline Jersey Retired
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    Apr 2006

    Struggling towns printing their own cash

    In an echo of the Great Depression, local currencies with their own special flavors are popping up all over in attempts to give commerce and communities a lift.

  2. #2
    Prophet's Avatar
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    Oct 2006

    Re:Struggling towns printing their own cash

    Get your facts first, and then you can distort them as much as you please. Mark Twain

  3. #3
    jargomcfargo's Avatar
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    Dec 1969

    Re:Struggling towns printing their own cash

    Jefferson didn't care for banks.

    I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.

    Thomas Jefferson, (Attributed)
    3rd president of US (1743 - 1826)

    In 1819 cotton went from 30 cents a pound to 14 cents a pound.
    This led to a run on state chartered banks where the banks printed paper money was redeemed for specie, eg. gold and silver coins.
    The US Federal bank also redeemed its holdings of state bank paper for gold and silver.

    The federal government reacted by passing debt relief bills that forced people to accept paper money as payment despite the fact it was often worthless.

    The people responded by proclaiming Jefferson's earlier warning as correct, and called to dissolve the charter of all banks in the US.

    History is important because history tends to repeat itself.

    Happened again during the great depression to some degree.

    Is it about to happen again?
    What takes a quarterback to the next level is not arm strength or mobility or any of that stuff. Its the ability to play on critical downs. Manage third downs, or red zones or four-minute or two-minute situations"

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